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How to buy IOTA (MIOTA) in USA: A Step-by-Step Guide

IOTA (MIOTA) guide
Thu, 05/17/2018 - 21:10
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George Shnurenko
IOTA cannot be traded for any of paper currency (US dollar, euro, etc.)
How to buy IOTA (MIOTA) in USA: A Step-by-Step Guide
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IOTA cannot be traded for any of paper currency (US dollar, euro, etc.). If you have no other cryptocurrency yet and you intend to gain IOTA, gain Bitcoin or Ethereum initially. After that your Bitcoin or Ethereum can be exchanged to one of the following currencies and then you may gain IOTA:

Bitfinex (Hong Kong) Bitfinex is a cryptocurrency with one of the largest trade turnover of all exchanges a day. But not so long ago it has stopped to serve exclusive investors living in the U.S.A. Binance is a very new exchange. The company gained $15 million through the Initial Coin Offering (ICO) for several minutes in summer, 2017. The Exchange went live on July 14th. Of course, it is reasonable to be careful about such new exchanges, nevertherless, Binance has very rapidly created its user base, now sequentially taking place in the top10 daily trade turnovers of all exchanges of cryptocurrency. Below you will find information on how to use each exchange to gain IOTA. It must be kept in mind, you need to own another cryptocurrency (as bitcoin or Ethereum) at first, to put down and buy\sell IOTA.

Gaining IOTA on Binance

Nothing complicated to use Binance to gain IOTA. Below you will find a detailed manual about this process. Getting IOTA for Binance To purchase IOTA for Binance is quite easy. See the detailed instruction below. First of all you should create a Binance Account. All you need is to enter your email and to create an exclusive safe password. Then you will be asked to confirm your email address as you’ve signed up. Login Activate your account using the link from Binance that was sent to your email address. Then press “to Login”. Set up your Account now. When you press “login”, you get to the Binance account page. If you need your account to be more secure, you’d better to set up 2-Factor Authentication on any exchange that you are going to use to purchase and sell cryptocurrency. It is better to do with the Google Authenticator app, as SMS 2FA has a number of safety vulnerabilities. It is available both at App Store and the Google Play Store, for free. Primordially, withdrawals from your account are limited to a 2 BTC equivalent per day. To raise the limit you should complete Binance’s Identity Authentication. Binance Identity Authentication Put down Cryptocurrency to Binance There are many cryptocurrencies available to put down to Binance. Trading pairs are denominated in Ethereum, Bitcoin and USDT (Tether). Let’s deposit Ethereum, for instance. Choose any crypto coin you want, then click “deposit” and send funds to the given address. Binance Deposit Methods

While you wait for the verification of the transactions, you are able to view expected deposits. Binance Pending Ethereum Deposit

As soon as your deposit is completely verified, you will see it in your available balances. Binance Completed Ethereum Deposit

Purchase IOTA With Ethereum or Bitcoin So, your deposit is now fully completed, and you may purchase IOTA for the deposited crypto coins. Find in the menu the “Exchange” button and press it. Binance locate exchange

IOTA is traded in Bitcoin and Ethereum markets. You should place IOTA where you intend to make deals with it.


Binance Locate IOTA

Make a Purchase IOTA order using either a limit or market order. Binance charges a .1% commission for deals. To make it more easy, I bought 300 IOTA via a market order. While creating a market order, you select the percentage of your crypto-currency balance you would like to use to get IOTA.

A Market order will buy the maximum amount of IOTA available for the Ethereum amount you’ve decided to spend. It will buy the most cheap IOTA available until it has filled this amount.

Binance IOTA Order

As the order is filled check the IOTA balance. Then you can withdrawal your IOTA from Binance to the wallet. Binance IOTA Funds and Withdrawal Buying IOTA on Bitfinex

The process for getting IOTA on Bitfinex is almost the same as that on Binance. That’s why, I give the Bitfinex a general outline.

Sign up and confirm your Email address It is certainly the first and necessary step. Set up 2FA in the menu of your account in order to improve its security.

Deposit Cryptocurrency to Bitfinex

Press the “deposit” button and choose the cryptocurrency you would like to put down. Like Binance, Binfinex trades IOTA in Bitcoin and Ethereum Markets.

Bitfinex Deposit

Again, I’ve decided to put down Ethereum. Purchase IOTA for Ethereum or Bitcoin. Place the trading pair you are going to trade on Bitfinex. In this example, I’ll be trading the IOTA/ETH market.

Bitfinex Locate IOTA Market

There are as well many different kinds of order. The market order is the most simple. If you need to buy automatically the maximum amount at Market price, click the green circle shown in the image below, then click “Exchange Buy”. Bitfinex Purchase IOTA With Ether

You will see IOTA in your exchange wallet as soon as the order is filled. IOTA Balance RECAP Though IOTA is not for now maintained by a large variety of exchanges, it can be purchased quite easily. Only, before buying, you will need to gain some another cryptocurrency with paper currency from a separate exchange. As for IOTA wallets limit, don’t worry, this is temporarily. Use the official IOTA GUI Wallet Client, and your coins will be off of exchanges.

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About the author

George Shnurenko is a Bitcoin and cryptocurrency enthusiast, financial analyst and writer. He's majoring in history but he believes that the digital currency which has taken the world by storm will bring about change to all us humans.